New York-based Sapphire Partners has acquired a 122-unit multifamily community in Columbus, adding it into its owned portfolio with a long-term, value-add investment. The property, originally built in the late 1980s and previously known as Roundtree Rentals, is to be rebranded as Parkside at Maple Canyon under Sapphire’s ownership.
The details of the transaction were not disclosed.
Sapphire specializes in investments with a favorable risk-reward profile. Parkside at Maple Canyon represents Sapphire’s first venture into the Columbus market.
Principal Steven Saperstein said that Sapphire plans to provide oversight and capital to elevate the property even further and make sure its amenities stay up to date into 2020 and beyond.
Sapphire is a multifaceted investment firm that operates, manages and consults on commercial real estate throughout the United States. The company only works on projects where its responsibility to increase a property’s value corresponds with tenants’ desire for a better space.